Managing Your Money

Hello lovely readers! How are you doing? I am back with some more tips about getting your business where you want it… moving towards success! I was here already for a few tips on {creativity}, {time management}, {photography skills}, {customer service}… and today I am coming with economical tips!

So, money is really important to me. I must confess that I was not always that respectful to money, but now I am and feel the need to be in control of everything concerning money. This does not mean that I do not spend it with some pleasures, but I try to think critically about my purchases. When you have a business, it is very important to know where your money is, what do you need top spend your money on and what do with the money that comes in. I will share a few tips about this, in order to make it simple!

You are about to start your business and you need some supplies, so you need to calculate how much do you need to spend for those supplies. This money will be recoverable with your sales, but do not expect to recover it all at once. You need to think how much you have available and do not forget that you can always improve your business as the time goes by. You do not need to have the most perfect business in the first moment you start. Make a list of what is crucial for your business to begin… ONLY!

When you have a business pricing is really important! No news there. You need to be fair with yourself though. This means no over pricing, nor making it almost for free. I have seen some sellers that almost giveaway their items, and as a buyer I am always a bit suspicious. And I have seen sellers that sell their work like 10 times more when compared to similar artists. Calculate what you spend in order to make your work… and do not forget that your time is also something that you should be considering.

You need to be in control! Create a spreadsheet (Excel or the like) and define what you need to spend and what you earn with each sale. Write down everything you spend, so that you can be aware of your profit and further investments needed. You need to think wisely!

Do you run your business as a parallel activity with your day job? Or is this your only job? Well, you need to define your goals! If you have a specific goal for that money, why not keep it on Paypal (if you use this) until your goal is recahed? If you need it for something else, then withdraw it every month for your savings account for example!

After running your business for a while, you can improve it… every day! Think about other strategies to make it better, think about advertising, think about goodies to offer to your customers… Now that you are making some money you just have the opportunity to make it better without loosing yourself in the way! Think wisely! Do not overspend! Stand out from the crowd!

These are a few tips for your business… They are really simple, but sometimes we forget to think simply and we complicate things. Money is not simple, but you can make it a little less complicated if you plan ahead and if you act wisely. In times like this, in which crisis is the most common word, you need to think positively but most of all, think ahead. Good times are not always here, so do not think that money will appear easily. You need to work hard and to plan your goals. You can also be a manager… of your own wallet! And if you need help, why not use some program to help you on this? I have heard of Mint and I would love to try it, but as I am nor American I cannot do it! But it seems that can be an excellent tool to manage your bank accounts! Just remember… Be in control of your money!

And this is it my lovely friends, be careful and wise! See you in two weeks with the last post in this It’s up to You! series!! If you wish to get to know more of these stories about running a business, you can follow me on {a place for twiggs}! I will be there waiting for you!

- Claudia Casal, also known as Twiggs, is an organizational psychologist in love with photography. She is the author of {a place for twiggs} blog. Read more about her on the contributors’ page.

3 Comments

Hi there
Just wanted to drop a note to say that your post is really helpful. We are just starting to set up properly so all advice is greatly appreciated! Thanks for sharing and feel free to drop by and say hey. Love the blog! Vivid